Cryptocurrency Market Outlook; Lackluster Markets Move Higher

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Cryptocurrency Market Outlook; Lackluster Markets Move Higher

Bitcoin Is Moving Higher, Don’t Count On New Highs Yet

The Bitcoin/cryptocurrency market has cooled off, but that is a good thing. The market is up strongly YTD and a little consolidation is a healthy market mechanic, it sets the market up to continue moving higher later this year. Over the last few days the world’s leading cryptocurrency by market cap has been edging higher and taking most of the crypto market with it. The candles formed look pretty bullish and are supported by the indicators so higher prices are likely. The problem is that, without a catalyst, the move is likely to fizzle out before new highs can be set. Even if a new high is set, it will likely trigger another round of profit-taking/market rotation that will keep BTC/USD moving sideways for the next few weeks at least.

Longer-term, I still expect to see BTC continue its rally and possibly as soon as this fall. The signs are growing, Bitcoin is recapturing market share at a steady clip and the hash-rate keeps setting new highs. Coinmarketcap shows Bitcoin dominance approaching 72% and 2+ year high. Blockchain.com shows Bitcoin’s hash-rate has resumed its parabolic move higher as more and more miners get into the act. The bottom line is that Bitcoin is still the number #1 cryptocurrency and the market is flooding into it. It may take a little while longer to work though technical resistance at $13,000 but, once done, the move to new highs will be sharp and severe.

The #1 driver of BTC price over the next 8.5 months is going to be the halvening. As the number of miners and holders increases demand will increase and the halvening is going to cut new-supply in half. Just Litecoin did this year, BTC/USD should see a market-leading rally that adds several hundreds of percentage points to its value. LTC moved up nearly 500% from the low of 2020 to the high pre-halvening level. LTC has since pulled back where it is presenting another buying opportunity. Just like this year, next year when the BTC halvening rally hits full-stride it will help lift the entire crypto market, and Litecoin along with it.

Cryptocurrency Market Share

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Cryptocurrency Market Update: Altcoins Continue to Slide

FOMO Moments

Market decline has slowed but EOS, VeChain, Cardano, and Ethereum Classic are still suffering.

The rout has not continued over the past 24 hours and crypto land seems to have found a level where markets have settled. This is just above $270 billion in terms of total market capitalization, however the outlook is still bearish.

Bitcoin has made marginal moves higher but is still around the same level it was trading at this time yesterday. BTC resides at $7,650 at the time of writing and technical signals indicate that it could move higher to test the $7,850 resistance level. Ethereum has not fared so well and has continued to fall, dropping 1.4% to $420.

Most of the altcoins are also still falling according to Coinmarketcap stats this morning. In the top ten EOS and Cardano are still falling fastest with over 4% declines on the day. XRP has fallen back from yesterday’s pump to trade $0.44, 2.5% lower today.

In the top twenty VeChain is getting bashed up once again with a 10% slide to $1.94. From its weekly high last Thursday or $2.67 VEN has lost 27%, and over the past month it is down a similar amount. Ethereum Classic is down 4.5% with Tron, Dash and Tezos all falling over 3.5%. The only altcoin in the green in the top twenty at the moment is Monero, up 3.7% to $127. XMR however is down 11% on the week.

Further down the list Bitcoin Gold and Decred are both posting small gains of 4-6%. The top performing altcoin of the moment in the top 100 is KickCoin with a 28% pump which is likely to dump again soon. The recent hack and promise of a full refund by the team will have reassured investor confidence in the project.

A few other obscure altcoins including Emercoin, Metaverse ETP, Bitcoin Private, and ChainLink are also up around 9%. Out of all the altcoins listed on CMC Civic is the top at the moment with 144% surge in 24 hours. In addition to VeChain, WaltonChain, Pundi X, and Nano are all getting beat up today with 7-8% declines.

There are no cryptocurrencies outstanding at the moment in the top 25. Total crypto market capitalization has not really changed over the past 24 hours and sits at just over $272 billion. Trade volume however has fallen from $15 billion to a little over $12 billion. Since last Thursday crypto markets have shed 10%, which equivalent to around $30 billion.

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FOMO Moments is a section that takes a daily look at the top 25 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.

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